""This acquisition marks a pivotal moment in Stingray's journey to further strengthen its position as a global leader in audio entertainment and digital advertising sales," stated Eric Boyko, President, Co-founder, and CEO of Stingray. "We are crafting an unmatched audio ecosystem by merging Stingray's extensive technology infrastructure and content distribution capabilities with TuneIn's expertise in monetization, advertising technology, and diverse content offerings.""
""Stingray is the ideal partner to propel TuneIn's next chapter of growth," said Richard Stern, Co-Chairman and CEO of TuneIn. "Our global reach and advanced advertising capabilities, combined with Stingray's audio and video distribution, creates a significant growth opportunity for both our companies.""
Stingray will acquire TuneIn for $175 million with a $150 million down payment and the remaining amount payable within 12 months. Stingray obtained a $150 million loan to fund the acquisition. TuneIn stockholder approval is required, with approvals expected by year-end. Combined revenue is projected above $400 million, with Stingray reporting $387 million for the fiscal year ending March 2025 and TuneIn forecasting $110 million for full-year 2025; a simple sum suggests a potential combined revenue near $500 million. The deal aims to combine TuneIn's listener base and monetization with Stingray's distribution and advertising capabilities.
Read at RAIN News
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